The US oil price reached its lowest level since 1999, amid lower demand and record stocks. The US benchmark West Texas Intermediate (WTI) fell by more than 17% this morning to $ 14.97 a barrel in transactions in Asian markets, according to oilprice.com.

International oil markets are under pressure because of the coronavirus crisis, which has severely cut demand, while the recent agreement for production reduction announced by OPEC members proves insufficient to put an end to the price decline which began in January and accelerated in March.

In early April, OPEC members and their allies agreed to reduce global production by about 10%, or 9.7 million barrels per day, the largest reduction in oil production ever applied.

Vandana Hari, founder of Vanda Insights, a firm specializing in oil market analysis, said to pilprice.com: “The current prices show that the OPEC+ cuts proved to be a blip, with oil prices at the mercy of the virus once again,” adding that “Until we approach a lifting of the lockdowns in the U.S., oil may drift lower or remain rangebound around current levels.”

Brent oil, a benchmark for the European market, opened the day at $ 27.5 per barrel, down about 2% from Friday’s closing, however, by about $ 3 above the minimum reached on April 1.